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Crypto / Digital Assets
FTX’s “Complete Failure” of Corporate Controls, Worse Than Enron
By Manesh Samtani | 18/11/2022
Restructuring specialist John J Ray says FTX’s failure is the worst he has ever seen, citing control failures and the “complete absence” of trustworthy financial information.
AML / KYC
USCC Calls for Formation of China Sanctions Planning Committee
By Editors | 17/11/2022
Congressional advisory body USCC says a new committee should be formed to develop options to respond to possible hostile action by China against Taiwan.
Crypto / Digital Assets
NYIC, US Banks Launch PoC to Test Digital Money Platform
By Editors | 17/11/2022
Participants include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, US Bank, Wells Fargo, SETL, Digital Asset, AWS, SWIFT, Sullivan & Cromwell, and Deloitte.
Market Infrastructure
IBA Confirms Plans for Cessation of USD LIBOR ICE Swap Rate
By Editors | 17/11/2022
Publication of USD LIBOR ICE Swap Rate “runs” for all tenors will cease immediately after the rates are published on 30 June 2023.
Market Infrastructure
PCAOB Had “Good Access” During Hong Kong Audit Inspection – Report
By Editors | 16/11/2022
The PCAOB reportedly gained all the information it requested during its inspection, but a decision has not yet been made regarding its dispute with Chinese regulators.
ESG / Sustainability
EU Watchdogs Ask for Input on Greenwashing Risks
By ESG Investor | 16/11/2022
The feedback may lead to further supervisory or enforceable action to reduce greenwashing risks; ESAs also call for an extension to the PAI review.
AML / KYC
New US Sanctions Target Network Procuring Tech for Russia
By Editors | 15/11/2022
OFAC sanctions target microelectronics supply network. European Commission issues new FAQs. Canada targets 23 Russian individuals.
Enforcement
US SEC Expands Staff Messaging Probe to Private Equity Firms
By Editors | 15/11/2022
KKR & Co, Apollo Global Management and Carlyle Group have disclosed that they are subject to the SEC’s regulatory probe.
Capital / Liquidity
India Resists ESMA Requirements on CCP Recognition – Reports
By Manesh Samtani | 14/11/2022
ESMA decision will block EU banks from dealing with Indian CCPs after 30 April 2023. India faces similar standoffs with UK and Japanese regulators.
Crypto / Digital Assets
FTX Bankruptcy, Secret Transfers, and Regulatory Probes
By Manesh Samtani | 14/11/2022
FTX files for Chapter 11 bankruptcy protection in Delaware as regulators in multiple jurisdictions investigate allegations of illegal activity.
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